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"Hedge fund and forex titan Stanley Druckenmiller believes current Federal Reserve policy and U.S. deficit spending are setting the U.S. dollar on a path to collapse. This morning he told CNBC’s Joe Kernen that it’s “more likely than not” the U.S. dollar will lose its status as the global reserve currency within 15 years."
"With the euro a basket case and the Chinese Communist Party-backed yuan still viewed with suspicion, Druckenmiller doesn’t see another fiat currency that can play the universal mediation role of the dollar anytime soon. Instead, he thinks “the most likely replacement” for the dollar would be a “crypto-derived ledger system.”"
All fiat currencies derive their value from the expectation of future growth.
With peak oil and the coming energy cliff, the limits to growth have been reached. The USD and every other fiat currency is living on borrowed time.
All fiat currencies are essentially garbage, but the USD is certainly the most rotten of them all. All it has going for it is brand recognition and brand loyalty.
Cryptos are not a viable alternative-they too are fiat currencies with no underlying value. More importantly, they are utterly dependent on hi-tech, ultra complex, ultra energy intensive systems, networks, and supply chains for their functioning. In the future we're headed for, with diminished energy, resources, and capital, they will not be viable.
Crypto is not a fiat currency -- it can't be, there's no government that stands behind it nor declares it as a legal medium of exchange. Crypto does have a small amount of intrinsic value and that's the blockchain itself. It's similar to gold because both can serve as a hedge against government money. Gold doesn't have a lot of intrinsic value either.
I can see where Druckenmiller is coming from: in a global economy, using a blockchain ledger in international trading could have a lot of appeal because it would be instantly fungible with multiple trading partners without the hassle of multiple currency conversions.
Crypto is not a fiat currency -- it can't be, there's no government that stands behind it nor declares it as a legal medium of exchange. Crypto does have a small amount of intrinsic value and that's the blockchain itself. It's similar to gold because both can serve as a hedge against government money. Gold doesn't have a lot of intrinsic value either.
I can see where Druckenmiller is coming from: in a global economy, using a blockchain ledger in international trading could have a lot of appeal because it would be instantly fungible with multiple trading partners without the hassle of multiple currency conversions.
Yes, they are fiat currencies.
The reason silver and gold became money is because they were already highly desirable luxury commodities long before they were ever mined into coins.
Cryptos are not only backed by nothing, they are nothing. You cannot do anything with a Bitcoin, except give it to someone else. Gold and silver have intrinsic value due to their inherent properties that no other metal has.
Crypto is not a fiat currency -- it can't be, there's no government that stands behind it nor declares it as a legal medium of exchange. Crypto does have a small amount of intrinsic value and that's the blockchain itself. It's similar to gold because both can serve as a hedge against government money. Gold doesn't have a lot of intrinsic value either.
I can see where Druckenmiller is coming from: in a global economy, using a blockchain ledger in international trading could have a lot of appeal because it would be instantly fungible with multiple trading partners without the hassle of multiple currency conversions.
Crypto is a fiat currency that has no backing by a society or sovereign.
Clearly the smartest thing to do is keep all of your wealth in bullets, sustainable crops and agriculture for food, and if you must canned goods and alcohol lol. All kidding aside, I’m thinking of stocking up maybe 1,000 bottles of alcohol so that if there’s a collapse of civil society I have a real commodity to trade for food and other goods - who wouldn’t consider that basically the strongest reserve currency?! Alcohol is something that transcends borders and even a farmer carefully guarding his rations will give you some food, while his wife is not watching of course, in exchange for a bottle of that sweet sauce, that delicious nectar of the gods
"Hedge fund and forex titan Stanley Druckenmiller believes current Federal Reserve policy and U.S. deficit spending are setting the U.S. dollar on a path to collapse. This morning he told CNBC’s Joe Kernen that it’s “more likely than not” the U.S. dollar will lose its status as the global reserve currency within 15 years."
"With the euro a basket case and the Chinese Communist Party-backed yuan still viewed with suspicion, Druckenmiller doesn’t see another fiat currency that can play the universal mediation role of the dollar anytime soon. Instead, he thinks “the most likely replacement” for the dollar would be a “crypto-derived ledger system.”"
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